Scott:
I have gone back and looked at about two years worth of the chart. The figures that follow are only estimates from looking at a large chart.
11/95: up from 16 to 19, retreats to 16, then goes to 24
2/96: up from 18 to 22, retreats to 19, then goes to 37
5/96: up from 26 to 32, retreats to 30, then goes to 37 (part of same movement described in 2/96)
8/96: up from 24 to 30, retreats to 26, then goes to 34
11/96: down from 22 to 19, then goes to 30
As you can see, FEET tends to rush up at the end of the quarter, retreat after the earnings announcement several weeks into the next quarter, then flies past the previous high. This pattern ws slightly broken in 11/96 when it went down first, then up, and completely broken in 2/97 when the restatement of earnings caused a large drop. The pattern was followed again last quarter and I was hoping for something similar this time. Doesn't look to be the case so far.
My assumption has been that inside information about sales figures has leaked out and in-the-know people began buying at the end of the quarter. Haven't seen any evidence of it this time, though.
As far as the law suit goes, the CFO of FEET told me they had hired a battery of attorneys to handle it and felt sure it would eventually go away after all the legal stuff happened and the attorneys walked off with lots of money. I think he is probably right; it will come to nothing.
Walter High |
